Financial Advice for Kids from Lakeland Bank Dads and Granddads: 7 Money Management Tips to Share with Your Family

By Robert Vandenbergh

Money doesn’t grow on trees. That’s what my father used to tell me.

It’s sound advice that I passed on to my son. When he was just 12 years old, we talked about needs and wants in the context of the bicycle that he needed and the one he wanted. A paper route helped him earn the incremental cost between the two; as my dad often pointed out, the things you work hard for are always more valued. It’s no wonder that the bike he wanted found a home in the garage and was kept meticulously clean.

My son is now a Dad with two kids of his own and is a successful business owner. He still consults his part-time financial expert (me), but is set up with a financial advisor for longer term planning and a systematic process of retirement savings. He shares his own life lessons with his children, including recycling some of my—and my father’s—money management advice. In honor of Father’s Day, I’d like to share some financial advice that members of our Lakeland Bank executive management team have bestowed on their own children.

Tip #2: “Always save a portion of the money you earn or receive as gifts. Put it into a savings account when you’re young, or a 401(k) or money market account when you’re an adult.” (Jeffrey Buonforte, CERTIFIED FINANCIAL PLANNERTM)

Tip #3: “Develop a long-term savings program for future needs such as a car and college tuition, and include your child in the process to enhance their understanding of the benefits of a savings plan.” (Thomas J. Shara, Chief Executive Officer)

Tip #4: “Don’t buy more than you can afford and stay away from unnecessary debt…basically, live within your means. A car is a form of transportation and you don’t need to spend extravagantly on it if you can’t afford it.” (Ron Schwarz, Executive Vice President and Chief Retail Officer)

Tip #6: “Credit card debt is like quicksand. Once you get in, it’s difficult to get back out.” (Ron Schwarz, Executive Vice President and Chief Retail Officer)

And, my top tip:

Tip #7: “If you want it, you need to earn it yourself. The harder you work for what you want, the more you will value it.”

I hope you enjoyed our tips! I want to close with a quote that my father shared with me, and one that I frequently repeat to family and friends… “Success is attained by those who know they can succeed, for success is just failure turned inside out!”